1. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 1 Outlook for the banking system after joining the EU: new actors on the market Romanian Banking Forum, Bucharest, 27 Nov. 2006 Pascal Becker Member of the Executive Board

2. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 2 DEXIA KOMMUNALKREDIT BANK I) Short presentation of Dexia Kommunalkredit Bank II) Joining the EU: new financings available in Romania thanks to a more stable and predictable environment

3. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 3 DEXIA KOMMUNALKREDIT BANK Specialist bank for the public sector in Central and Eastern Europe —Long-term financing solutions to public authorities and public enterprises —Financing solutions adapted to local environment and needs of the customers in the CEE (e. g. Maastricht-neutral financing solutions) Joint venture between Dexia Crédit Local and Kommunalkredit Austria —established in March 2005 in order to concentrate and strengthen the activities of Dexia Credit Local and Kommunalkredit in Central and Eastern Europe —Dexia is the world market leader in financing local authorities and public infrastructure projects —Kommunalkredit is Austria's number 1 in public finance

4. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 4 Our Market Domicile of Dexia Kommunalkredit Bank Countries in which Dexia-Kom has an entity Countries serviced by Dexia-Kom from Vienna 15 countries with 136 mln. inhabitants

5. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 5 The network in CEE 78,98% 100% Dexia banka Slovensko a.s., Zilina (SK) Dexia Kommunalkredit Bank Polska S.A., Warsaw (PL) Dexia Kommunalkredit Bulgaria EOOD, Sofia (BG) Dexia Kommunalkredit Romania S.R.L., Bucharest (RO) Dexia Kommunalkredit Czech Republic a.s., Prague (CZ) % Kommunalkredit Austria AG 49.16 Dexia Crédit Local 50.84 100% Dexia Kommunalkredit Hungary Kft., Budapest (HU) 100%

6. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 6 Shareholders Kommunalkredit Austria (30-06-2006) Total assets: EUR 23.3 bln. Return on equity: 17.4% Staff: 289 Dexia Group ( 30-06-2006) Total assets: EUR 514 bln. Return on equity: 24.3 % Staff: 25 000 Kommunalkredit 49.16% Dexia Crédit Local 50.84% Long-term ratings : Fitch Ratings AADexia Kommunalkredit Bank Moody's Aa2 DexiaAA+Aa2 Dexia Municipal AgencyAAAAaa AA-KommunalkreditAa3 Kommunalkredit Covered BondAaa

7. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 7 Financings The business fields Public Finance CEE Energy Environment, Water, Waste management Health Social housing Education Culture Infrastructure

8. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 8 Dexia Kommunalkredit Bank Key Figures 31-12-2004 [EUR mln.] 31-12-2005 [EUR mln.] 31-10-2006 [EUR mln.] Change / Share in % Loans and advances to customers 470.5728.91,115.4+ 53% Financial investments 3.22,529.54,249.2+ 58% Total assets 986.73,976.36,365.1+ 60% Pre-tax profit 4.97.514.1 + 88% After-tax profit 3.14.39.9+ 130% Return on equity before tax 11.4%8.4%13.3% Return on equity after tax 7.0%5.5%10.0% Cost-income ratio 77.1%78.5%65.0% Tier 1 ratio 12.2% 10.3% Total capital ratio 21.1% 16.7%

9. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 9 Dexia Kommunalkredit Bank Development between 01-03-2005 and 31-10-2006 Since inception, we have invested more than EUR 5 billion in the Public Sector in Central and Eastern Europe (and a bit more than EUR 500 million in Romania). Already a strong player in CEE * preliminary figures

10. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 10 DEXIA KOMMUNALKREDIT BANK I) Short presentation of Dexia Kommunalkredit Bank II) Joining the EU: new financings available in Romania thanks to a more stable and predictable environment

11. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 11 and to finance long term, the bank requires : - Stability of the legal and administrative system, - Transparency of the accounts, - Revenue predictability. Sub-sovereign and infrastructure projects require long term financing:

12. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 12 => EU integration brings you lots of constraints but also provides comfort to the Financial Institutions as regards to the stability / predictability of the environment. => EU integration entails an overall rating upgrade allowing CEE countries to benefit from financial innovations already implemented in Western Europe.

13. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 13 Improving Creditworthiness of Local Authorities in CEE Moody's sovereign ratings long term, foreign currency (before November 12, 2002/current) Baa2/A2 Baa1/A1 Baa1/A2 Ba1/A2 Aaa/Aaa A3/Aa2 Baa1/A1 Baa3/A1 Baa1/A1** Baa3/ Baa3 B2/Baa3 B3/Baa3 Estonia3 Latvia3 Lithuania5 Poland2 Slovakia5 Slovenia4 Czech Republic3 Hungary3 Bulgaria5 Croatia0 Romania6 Upgradings since 12-11-2002 (in notches) *under review for possible upgrade **negative outlook

14. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 14 Evolution in Central and Eastern Europe: towards a more efficient Financial Market - Evolution of the loan market => long term, restructuring,… - Access to capital markets products - Credit enhancement - Mobilisation of long term ressources on domestic financial markets - Need for Maastricht- deficit neutral solutions - Public-Private-Partnerships (PPPs)

15. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 15 ex : Development of PPPs _ Poland n Legal framework under review n Roads, Water _ Hungary n PPP Inter Ministerial Committee and PPP Department (Ministry of Transport) n New Procurement Act, 2004 n Roads, Prisons, Students Accommodation _ Czech Republic n PPP Taskforce, 2004 n Concession Act under preparation n Program of pilots projects under preparation n Roads, Water, Army accommodation KEY _ Croatia n Water n Transport _ Slovakia n Water _ Country n Legal framework n Sectors where projects have already been closed or are under consideration _ Romania n Roads

16. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 16 Conclusion Competitive funding due to good ratings of owners Dexia Kommunalkredit Bank Strong expertise in Central and Eastern Europe Dexia-Kom : your partner in CEE Special value for customers through specialist know-how Innovative financing solutions adapted to local requirements Focused investments in CEE due to great market potential

17. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 17 THANK YOU VERY MUCH FOR YOUR KIND ATTENTION Dexia Kommunalkredit Bank

18. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 18 Phone Fax Member of the Executive Board Leopold Fischer Chief Executive OfficerReinhard Platzer Dexia Kommunalkredit Bank, Tuerkenstraße 9, 1092 Vienna Member of the Executive Board Pascal Becker +43-1-31 6 31- 500 520 100 300 Member of the Executive Board Claudia Schmied200

19. Füllung weiß/ keine Füllung The Specialist Bank for the Public Sector 30-06-2006 19 Contact List Roxana Lazar CEO Dexia Kommunalkredit Romania 021 20 19 400 Marian SirbuCommercial Director021 20 19 402 Matei Creiveanu Senior Relationship Manager 021 20 19 403 Cosmin MaicanFinancial Analyst021 20 19 400 Cosmina AvramOffice Manager021 20 19 400 www.dexia-kom.ro Bucuresti, Calea Dorobanti nr. 42